Sheffield Resources (SFX) H1 2026 earnings summary

Executive summary

• Mineral sands operations advanced in Australia, with ongoing evaluation in Brazil and Sri Lanka.

• Thunderbird Mine production increased despite challenging market conditions, with safety performance maintained.

• Net loss after tax for the half year was $14.5m, an improvement from $25.4m loss in the prior year.

• Cash reserves declined to $1.4m at period end, with net assets at $102.2m.

• Sale of 10% interest in Capital Metals for £2m (A$4m) completed in January 2026.

Financial highlights

• Revenue from joint venture (100% basis) rose to $129.8m from $76.0m year-over-year.

• Net loss after tax improved to $14.5m from $25.4m year-over-year.

• Net cash outflows from operating activities were $1.3m, slightly improved from $1.5m prior year.

• C1 cash costs per tonne produced were $229, with underlying C1 cash costs at $235/tonne.

• Finished goods inventory at period end: ~100,000 tonnes ilmenite, >20,000 tonnes zircon.

Outlook and guidance

• Market weakness in zircon concentrate expected to persist through at least the first half of 2026.

• Throughput and mining rates at Thunderbird expected to grow in FY2026.

• Debt restructuring negotiations ongoing; no certainty of successful amendments in near term.